The following information is available for the manufacturing operations of Argon Ltd. for the month of January:

Direct materials purchased

$40,000

Direct labour cost

$20,000

Direct labour hours

1,000

Factory overhead rate per direct labour hour

$12

Opening inventory January 1

Direct materials

$25,000

WIP

$15,000

Finished goods

$45,000

Ending inventory January 31

Direct materials

$20,000

WIP

$10,000

Finished goods

$40,000

a)What is the Cost Of Goods Manufactured?

b)What is the Cost Of Goods Sold?